Encompass Capital Advisors LLC Takes $34.06 Million Position in Permian Resources Corporation $PR

Encompass Capital Advisors LLC purchased a new stake in Permian Resources Corporation (NYSE:PR) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 1,597,811 shares of the company’s stock, valued at approximately $34,065,000. Permian Resources makes up 1.0% of Encompass Capital Advisors LLC’s investment portfolio, making the stock its 26th largest holding.

A number of other large investors also recently bought and sold shares of the business. Sanctuary Advisors LLC raised its stake in shares of Permian Resources by 35.3% during the 1st quarter. Sanctuary Advisors LLC now owns 191,058 shares of the company’s stock worth $4,073,000 after buying an additional 49,798 shares during the period. Horizon Investments LLC grew its stake in Permian Resources by 80.8% in the 4th quarter. Horizon Investments LLC now owns 420,448 shares of the company’s stock valued at $5,899,000 after acquiring an additional 187,903 shares during the period. Sterling Capital Management LLC grew its stake in Permian Resources by 98.0% in the 1st quarter. Sterling Capital Management LLC now owns 168,262 shares of the company’s stock valued at $3,587,000 after acquiring an additional 83,302 shares during the period. HighTower Advisors LLC grew its stake in Permian Resources by 55.2% in the 4th quarter. HighTower Advisors LLC now owns 259,403 shares of the company’s stock valued at $3,639,000 after acquiring an additional 92,309 shares during the period. Finally, Jennison Associates LLC increased its holdings in Permian Resources by 2.8% in the 4th quarter. Jennison Associates LLC now owns 3,818,742 shares of the company’s stock worth $53,577,000 after acquiring an additional 105,396 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Insider Buying and Selling at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the sale, the executive vice president owned 542,503 shares of the company’s stock, valued at $11,088,761.32. This represents a 10.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 5.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Evercore started coverage on shares of Permian Resources in a research report on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 price objective for the company. Mizuho lifted their target price on shares of Permian Resources from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Zacks Research cut shares of Permian Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 22nd. Truist Financial reduced their price target on shares of Permian Resources from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, July 13th. Finally, UBS Group decreased their price target on shares of Permian Resources from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Friday, July 17th. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $23.29.

Permian Resources Stock Down 5.1%

NYSE PR opened at $20.25 on Tuesday. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $22.67. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. The business’s fifty day simple moving average is $19.50 and its 200-day simple moving average is $18.85. The firm has a market cap of $16.96 billion, a PE ratio of 23.55 and a beta of 0.46.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the firm posted $0.44 earnings per share. Permian Resources’s quarterly revenue was up .9% on a year-over-year basis. As a group, equities analysts anticipate that Permian Resources Corporation will post 1.94 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.2%. The ex-dividend date was Tuesday, June 16th. Permian Resources’s payout ratio is presently 74.42%.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.